AM-TEAM: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
AM-TEAM
Largest movements
- Receivables within one year +€255,111
up €255,111 (+81.9%), from €311,390 to €566,501
of which Trade receivables: +€236,663
- Cash +€81,685
up €81,685 (+48.5%), from €168,430 to €250,116
mainly Net result for the year (+€537,446) and Depreciation (+€303,052)
- Intangible fixed assets -€52,119
down €52,119 (-11.0%), from €473,475 to €421,357
- Reserves +€307,031
up €307,031 (+43.2%), from €710,972 to €1.0m
of which Distributable reserves: +€307,031
- Other debts -€87,862
down €87,862 (-61.7%), from €142,368 to €54,506
- Tax, wage and social debts +€74,667
up €74,667 (+277%), from €26,991 to €101,659
of which Taxes: +€56,684
- Trade debts -€36,513
down €36,513 (-43.4%), from €84,055 to €47,542
- Short-term financial debts +€31,031
up €31,031 (+15.4%), from €201,928 to €232,959
- Gross operating margin +€638,838
up €638,838 (+68.1%), from €938,174 to €1.6m
- Staff costs +€256,303
up €256,303 (+64.0%), from €400,658 to €656,961
- Taxes +€41,426
up €41,426 (+9,638%), from €430 to €41,856
- Financial charges +€19,560
up €19,560 (+168%), from €11,612 to €31,172
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,204,943 | €1,478,817 | +€273,874 | +22.7% |
| Fixed assets | 21/28 | €478,537 | €427,432 | -€51,104 | -10.7% |
| Intangible fixed assets | 21 | €473,475 | €421,357 | -€52,119 | -11.0% |
| Tangible fixed assets | 22/27 | €5,061 | €6,076 | +€1,014 | +20.0% |
| Furniture and vehicles | 24 | €5,061 | €6,076 | +€1,014 | +20.0% |
| Current assets | 29/58 | €726,407 | €1,051,385 | +€324,978 | +44.7% |
| Amounts receivable within one year | 40/41 | €311,390 | €566,501 | +€255,111 | +81.9% |
| Trade receivables | 40 | €287,848 | €524,511 | +€236,663 | +82.2% |
| Other amounts receivable | 41 | €23,542 | €41,990 | +€18,448 | +78.4% |
| Current investments | 50/53 | €183,000 | €183,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €168,430 | €250,116 | +€81,685 | +48.5% |
| Deferred charges and accrued income | 490/1 | €63,586 | €51,768 | -€11,818 | -18.6% |
| Total equity and liabilities | 10/49 | €1,204,943 | €1,478,817 | +€273,874 | +22.7% |
| Equity | 10/15 | €724,722 | €1,031,753 | +€307,031 | +42.4% |
| Contributions | 10/11 | €13,750 | €13,750 | = | 0.0% |
| Reserves | 13 | €710,972 | €1,018,003 | +€307,031 | +43.2% |
| Non-distributable reserves | 130/1 | €183,000 | €183,000 | = | 0.0% |
| Own shares acquired | 1312 | €183,000 | €183,000 | = | 0.0% |
| Distributable reserves | 133 | €527,972 | €835,003 | +€307,031 | +58.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €480,221 | €447,064 | -€33,157 | -6.9% |
| Amounts payable after more than one year | 17 | €9,567 | €0 | -€9,567 | -100% |
| Financial debts | 170/4 | €9,567 | €0 | -€9,567 | -100% |
| Amounts payable within one year | 42/48 | €470,654 | €446,228 | -€24,426 | -5.2% |
| Current portion of amounts payable after more than one year | 42 | €15,311 | €9,562 | -€5,749 | -37.5% |
| Financial debts | 43 | €201,928 | €232,959 | +€31,031 | +15.4% |
| Credit institutions | 430/8 | €201,928 | €232,959 | +€31,031 | +15.4% |
| Trade debts | 44 | €84,055 | €47,542 | -€36,513 | -43.4% |
| Suppliers | 440/4 | €84,055 | €47,542 | -€36,513 | -43.4% |
| Taxes, remuneration and social security | 45 | €26,991 | €101,659 | +€74,667 | +277% |
| Taxes | 450/3 | €872 | €57,556 | +€56,684 | +6,499% |
| Remuneration and social security | 454/9 | €26,119 | €44,102 | +€17,983 | +68.9% |
| Other amounts payable | 47/48 | €142,368 | €54,506 | -€87,862 | -61.7% |
| Accrued charges and deferred income | 492/3 | - | €836 | +€836 | |
| Remuneration, social security and pensions | 62 | €400,658 | €656,961 | +€256,303 | +64.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €295,319 | €303,052 | +€7,733 | +2.6% |
| Other operating charges | 640/8 | €4,776 | €6,565 | +€1,790 | +37.5% |
| Non-recurring operating charges | 66A | €5,312 | €0 | -€5,312 | -100% |
| Gross operating margin | 9900 | €938,174 | €1,577,012 | +€638,838 | +68.1% |
| Operating profit (loss) | 9901 | €232,109 | €610,434 | +€378,325 | +163% |
| Financial income | 75/76B | €698 | €40 | -€657 | -94.2% |
| Recurring financial income | 75 | €698 | €40 | -€657 | -94.2% |
| Financial charges | 65/66B | €11,612 | €31,172 | +€19,560 | +168% |
| Recurring financial charges | 65 | €11,612 | €31,172 | +€19,560 | +168% |
| Profit (loss) for the period before taxes | 9903 | €221,194 | €579,302 | +€358,108 | +162% |
| Income taxes | 67/77 | €430 | €41,856 | +€41,426 | +9,638% |
| Profit (loss) for the period | 9904 | €220,764 | €537,446 | +€316,681 | +143% |
| Profit (loss) for the period to be appropriated | 9905 | €220,764 | €537,446 | +€316,681 | +143% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.